The self-regulatory organization said it will continue to work with the CSA to improve protection for vulnerable investors, highlighting its support for a safe harbor rule and efforts to develop additional tools to help traders in this area. Plans to establish an Expert Investor Issues Panel (EIIP), “an important additional layer in the efforts already being made by IIROC to assess public views on regulatory initiatives and / or other matters of public interest,” are also moving forward.
To help unjustified investors, IIROC is examining ways to return funds raised by an advisor or company that is subject to disciplinary action to investors. The SRO also announced that it had received assistance from an independent research company in order to obtain complainants’ feedback on the complaint handling process, the results of which will be made public at an unspecified time.
In order to maintain a consistent level of investor protection in Canada’s provinces and territories, the enforcement toolkit will also be strengthened. In particular, it is a matter of “obtaining legal protection against malicious claims while at the same time fulfilling our regulatory obligations and improving the authority to collect evidence”. Acceptance of early resolution offers, a method of efficiently resolving certain cases earlier in the enforcement process, was also highlighted.
Given the unprecedented retail activity and the surge in meme stocks over the course of the pandemic, IIROC has asked all order-execution-only (OEO) companies to submit data on their historical availability, functionality and functionality in online trading. and service.
“In particular, we are now investigating the point where service levels and disrupted access to investment become an explicit investor protection issue,” the report said.